LONDON, July 6 (Reuters) — Britain should review whether LLMs like ChatGPT, Claude, and Gemini should be regulated as general-purpose AI tools influencing consumer financial decisions, FCA Executive Director Sheldon Mills said Monday.
More than a quarter of UK consumers trust these tools for financial advice despite protections for regulated services not extending to them. Mills said existing rulebook must evolve as firm reliance on few tech providers creates system-wide risks. Seven FCA recommendations published on fca.org.uk.